//@version=4
study("Hash Ribbons",overlay= false)
// INPUTS
type = input('Ribbons',options=['Ribbons','Oscillator'],title="Plot Type")
len_s = input(30,"Hash Rate Short SMA (days).")
len_l = input(60,"Hash Rate Long SMA (days).")
signals = input(true, "Plot Signals")
s1020 = input(true,"Show first 10-20 SMA cross following Hash Bottom.")
plot_halvings = input(true,"Plot Halvings.")
// HASH RATE MA
// HR on TV only has "yesterday's" value --> use "lookahead_on" when running live (on current bar), to pull forward yesterdays data
live_HR_short = security("QUANDL:BCHAIN/HRATE", "D", sma(close,len_s),gaps=barmerge.gaps_off, lookahead=barmerge.lookahead_on)
live_HR_long = security("QUANDL:BCHAIN/HRATE", "D", sma(close,len_l),gaps=barmerge.gaps_off, lookahead=barmerge.lookahead_on)
hist_HR_short = security("QUANDL:BCHAIN/HRATE", "D", sma(close,len_s),gaps=barmerge.gaps_off, lookahead=barmerge.lookahead_off)
hist_HR_long = security("QUANDL:BCHAIN/HRATE", "D", sma(close,len_l),gaps=barmerge.gaps_off, lookahead=barmerge.lookahead_off)
// DAILY TIMEFRAME MGMT
is_newbar(res) =>
t = time(res) // res calculated below \/
change(t) != 0 ? true : false
// Check how many bars are in our upper (otf) timeframe
since_new_bar = barssince(is_newbar("D")) //1-360 for minutes, D = Daily, W = Weekly, M = Monthly
D_total_bars = int(na)
D_total_bars := since_new_bar == 0 ? since_new_bar[1] : D_total_bars[1] // calculates the total number of current time frame bars in the OTF
// INDICATORS
HR_short = float(na)
HR_long = float(na)
HR_short := barstate.isrealtime ? (since_new_bar == D_total_bars ? hist_HR_short : HR_short[1]) : live_HR_short
HR_long := barstate.isrealtime ? (since_new_bar == D_total_bars ? hist_HR_long : HR_long[1]) : live_HR_long
capitulation = crossunder(HR_short,HR_long)
miner_capitulation = HR_short<HR_long
recovering = HR_short > HR_short[1] and HR_short > HR_short[2] and HR_short > HR_short[3] and miner_capitulation
recovered= crossover(HR_short,HR_long)
// HASH BOTTOM + PA SIGNAL
s10 = sma(close,10)
s20 = sma(close,20)
cross = s10>s20
cross_down = crossunder(s10,s20)
buy = cross and barssince(recovered) < barssince(cross_down)
// OSCILLATOR
delta = HR_short-HR_long
diff = (delta/HR_short)*100
//risk = highest(diff,7) < 2 and lowest(diff,7) > 0
// PLOT - DEFAULT
p1=plot(type=='Ribbons'? HR_long : na, color = color.gray, linewidth = 2, style = plot.style_line,title='HR SMA Long')
p2=plot(type=='Ribbons'? HR_short : na, color = (HR_short<HR_long? color.red : color.lime), linewidth = 2, style = plot.style_line,title = 'HR SMA Short')
fill(p1,p2,color=(HR_short<HR_long?color.red:na),transp=30)
// PLOT - OSCILLATOR
plot(type=='Oscillator' ? diff : na,style=plot.style_columns,color=(diff<0?color.red:color.blue),title='Oscillator')
//plotshape(risk,style=shape.circle,size = size.large, color = color.red,location=location.top)
// PLOT - SIGNALS
plotshape(signals ? capitulation :na,style=shape.circle,location=location.top,color=color.gray,size=size.normal,transp=50,text='Capitulation',textcolor=color.black,title='Capitulation')
plotshape(signals ? miner_capitulation : na,style=shape.circle,location=location.top,color=color.green,size=size.normal,transp=90,title='Miner Capitulation')
plotshape(signals ? recovering : na,style=shape.circle,location=location.top,color=color.green,size=size.normal,transp=50,title='Recovering')
plotshape(signals ? recovered : na,style=shape.circle,location=location.top,color=color.lime,size=size.normal,transp=0,textcolor=color.white,title='Recovered')
plotshape(signals and s1020 ? buy and not(buy[1]): na,style=shape.circle,location=location.top,color=color.blue,size=size.normal,transp=0,text="Buy",textcolor=color.blue,title='Buy')
// HALVINGS
halving_1 = timestamp(2012,11,28,0,0)
halving_2 = timestamp(2016,7,9,0,0)
halving_3 = timestamp(2020,4,30,0,0) // projected! https://www.bitcoinclock.com/
h1_range = time >= halving_1 - 3*(24*60*60*1000) and time <= halving_1 + 3*(24*60*60*1000) //adds 3 day either side for chart visibility
h2_range = time >= halving_2 - 3*(24*60*60*1000) and time <= halving_2 + 3*(24*60*60*1000) //adds 3 day either side for chart visibility
h3_range = time >= halving_3 - 3*(24*60*60*1000) and time <= halving_3 + 3*(24*60*60*1000) //adds 3 day either side for chart visibility
bgcolor(h1_range and plot_halvings? color.red : na, transp = 20)
bgcolor(h2_range and plot_halvings? color.red : na, transp = 20)
bgcolor(h3_range and plot_halvings? color.red : na, transp = 20)
//ALERTS
alertcondition(capitulation, title='Alert - Capitulation')
alertcondition(recovered, title='Alert - Recovered')
alertcondition(buy and not(buy[1]), title='Alert - Buy')
Overview
Hash Ribbons marks capitulation when the short average crosses under the long average, miner capitulation while it stays below, recovery while the short average rises, and a recovered crossover. Users can switch between filled ribbons and a percentage-difference oscillator, toggle those markers, show the first 10-day and 20-day price average cross after a hash bottom, and mark halvings. Lengths are adjustable. Daily data is requested with lookahead enabled, so historical and live values can differ.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Plot Type
string
Ribbons
type
Hash Rate Short SMA (days).
int
30
len_s
Hash Rate Long SMA (days).
int
60
len_l
Plot Signals
bool
true
signals
Show first 10-20 SMA cross following Hash Bottom.
bool
true
s1020
Plot Halvings.
bool
true
plot_halvings
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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